News
French drive for securities regulator
FRANCE - The debate over whether Europe should have a single securities regulator continues as Paris based Eurofi, which has close links with the French government, plans to publish proposals based on a poll of financial services companies.
German coins make their mark in the eurozone
GERMANY - Though recent surveys suggest many Germans want their old marks back, it looks like German minted euro coins are poised to flood across borders. Because a third of all euro coins are produced with German national images on the reverse some…
Who Will Be the Next Fed Chairman?
US - Speculation grows as to Alan Greenspans possible successor. A recently compiled list of candidates suggests a Harvard University professor, Martin Feldstein, is a strong contender.
Gov't raising Philippine inflation target for 2003
PHILIPPINES - The Bangko Sentral ng Pilipinas has convinced the Development Budget Coordination Committee to adjust upward the inflation target for 2003 to a range of 4.5 to 5.5 percent from the original target of 4-5 percent.
'Effective micro-finance system needed' in India
INDIA - The Reserve Bank of India has said it plans to put in place a 'more vibrant' micro-finance delivery environment by encouraging complementary and competitive models of micro-finance.
Uzbek council formed to liberalise banking
UZBEKISTAN - Following a September visit from the IMF during which liberalization of the economy was discussed, Uzbek President Islam Karimov has moved to reform the banking system through a National Banking Council.
New financial regulator chief named in Ireland
IRELAND - The new Irish Financial Services Regulatory Authority has appointed Liam O'Reilly, a member of the ECB Banking Supervision Committee, as its chief executive.
IMF Issues Press Statement on Argentina
PRESS RELEASE - Ms. Anne Krueger, First Deputy Managing Director of the International Monetary Fund (IMF), underlined outstanding problems to be resolved between the Fund and Argentina in a statement on 14 November.
Sveriges Riksbank Press Release
PRESS RELEASE - Repo rate lowered 0.25 percentage points to 4 per cent, 15 November.
Swedish central bank cuts rates
SWEDEN - The Riksbank, the Swedish central bank, cut its key repo rate by 25 basis points to 4 per cent on Friday, warning there were clear signs of a weakening in industrial activity and exports.
Rising Spanish inflation widens eurozone gap
SPAIN - Inflation jumped a full percentage point in October to a year-on-year rate of 4 per cent, widening the differential with other eurozone.
Sterling coins may contain more nickel than euros
UK - Britain in Europe (BiE), a lobby group who campaign for UK entry to the euro, have come up with the perfect riposte to euro sceptics who complain that the euro coins contain high levels of nickel which can cause skin irritation. A Europhile lobby…
Fin min - Polish currency strength temporary
POLAND - Minister of Finance and Deputy Prime Minister Grzegorz Kolodko says he would like a lower exchange rate and wants the central bank to help.
Argentina defaults on World Bank loan
ARGENTINA - The Argentine government on Thursday took the extraordinary step of defaulting on a loan repayment to the World Bank, in a sign of its intense frustration over negotiations with the bank's sister institution, the International Monetary Fund.
Korea - Inflationary pressures likely to mount
KOREA - Consumer-price inflation will likely accelerate in coming months due to wage hikes and the recent rise in international oil prices, the Bank of Korea (BOK) said Thursday.
Russian gov't agrees to currency control removal
RUSSIA - Russia's government agreed in principle Thursday on a draft of a law that would abolish almost all currency controls by 2007.
Indian banks cautioned on risks in e-banking
INDIA - The Reserve Bank of India has cautioned Indian banks about the inherent risk factors that accompany the introduction of high-tech electronic delivery system in the banking sector.
MAS Press Release
PRESS RELEASE - MAS seeks industry comment from financial institutions on technology risk management guidelines, 11 Nov.
Former Canada c bank chief reveals row in new book
CANADA - Former Bank of Canada governor John Crow reveals in a new book 'Making Money' that a political row with the finance minister over inflation targeting prevented him from taking up a second term as head of the central bank.
San Francisco Fed chief expects recovery next year
US - Following the Federal Reserve's half point interest rate cut last week Robert Parry said in a speech on Wednesday that the Fed thought it was wise to "take out a little insurance" to keep the expansion going.
Eurozone rate cut hopes boosted by ECB report
GERMANY - The ECB's monthly bulletin released Thursday appeared to increase the likelihood of a future rate reduction on the back of comments made by Win Duisenberg last week.
BOJ may resist pressure to ease again next week
JAPAN - After easing liquidity further at the last meeting of the BOJ, many economists expect the bank to resist calls for further easing when it meets next week.
Thai CB head urges trade growth to fight deflation
THAILAND - Thai central bank governor Pridiyathorn Devakula said on Thursday that promoting intra-Asia trade was a crucial step in fighting off deflation, which is becoming an increasing threat to the region's economies.
RBZ launches new payment system
ZIMBABWE - Starting on November 18, the Reserve Bank of Zimbabwe (RBZ) will introduce an electronic transfer and settlement system (ZETSS) that will link Zimbabwe's commercial banks in the movement of funds among participating banks using settlement…